As gold prices continue to skyrocket in Vietnam, consumers are shifting from traditional SJC gold bars and gold rings to lower-purity 98% gold, also known as gold 980, due to persistent supply shortages.

Authorities have uncovered two major gold smuggling networks that trafficked more than 546kg of gold - valued at over $48 million - from China into Vietnam through the Lao Cai border.

The State Bank of Vietnam (SBV) held a seminar in Hanoi on October 15 to discuss the establishment of a gold exchange.

The new centralized gold exchange will help unlock gold reserves, improve transparency, and strengthen market oversight.

The export tariff for gold or silver products has been reduced from 1% to 0%, according to a recent Government decree.

Global gold rally continues as central banks and retail investors drive prices toward USD 4,000.

Several new regulations take effect in October, including a policy requiring gold transactions valued at VND20 million or more per day for a single customer to be conducted through a payment account.

Experts have suggested that taxes should not be applied to gold used for weddings or consumer jewelry, but only to income from gold bullion investments.

Vietnam’s central bank establishes a quota-setting council for gold imports and exports, led by the Deputy Governor.

Vietnam’s National Competition Commission penalizes gold traders and TPBank for misleading practices.

Vietnam will allow commercial banks to produce and import gold bars from October 10 under new government regulations.

Some propose a 20% tax on profits from gold trading, while others suggest a lower rate based on total transaction value.

Taxing income from gold trading has been deemed appropriate by experts to curb speculation and short-term trading. However, the tax policy needs to be adjusted to differentiate between legitimate savings and speculative activities, they said.

Financial experts support taxing gold profits but urge the government to exempt long-term savings and small-scale sales.

Before the Government Inspectorate was tasked with overseeing the gold trading sector, the State Bank of Vietnam (SBV) had already identified numerous violations by major companies.

The State Bank of Vietnam has revealed a full list of authorized outlets for gold bar transactions to ensure market transparency and protect consumers.

The indictment of former SJC General Director Le Thuy Hang highlights a critical institutional loophole: monopoly often leads to abuse of power and becomes fertile ground for corruption.

Vietnam's central bank has announced updated rules to liberalize gold import and production, aiming to diversify supply and enhance transparency in the domestic gold market.

The Government Inspectorate will lead a multi-agency probe into compliance, anti-money laundering, and market manipulation risks.

Prime Minister Pham Minh Chinh calls for urgent actions to stabilize the gold market and protect macroeconomic stability.